Together AI, Lambda Extend Funding Rush; Singapore to Back Wiz

We’ve spent more than a year covering back-to-back financings of artificial intelligence startups. There’s no sign that trend is letting up, at least for startups that compete with major cloud providers by renting out servers with chips made by Nvidia, whose quarterly earnings report this week showed the AI party is still going strong.

Together AI, a two year-old startup that rents out such servers and provides software to train and run open-source models, is in talks with investors to raise at least $200 million in new financing, according to two people with direct knowledge of the discussions. It recently passed $100 million in annualized revenue, according to one of those people and a third person. That implies it is generating more than $8 million a month.

If successful, the deal would be Together’s fifth funding round in less than two years. In a March funding round, the startup raised $106 million at a $1.25 billion valuation led by Salesforce Ventures. The most recent talks are early and the valuation has not yet been set, the sources said.

Meanwhile, Lambda, which also rents out Nvidia servers, is in talks to raise about $600 million at a $2 billion pre-money valuation, according to two people familiar with the deal discussions. Clearly the holiday dealmaking slump has yet to hit! —Stephanie Palazzolo contributed to this report.